The Commission announced that it has instituted public administrative proceedings pursuant to Section 8A of the Securities Act of 1933 ("Securities Act") seeking cease-and-desist orders against Charles F. Kirby, chief trader and part owner of Spencer Edwards, Inc., an Englewood, Colorado, broker-dealer, Gene C. Geiger, a registered representative at Spencer Edwards, and Alfred Peeper, a customer of Spencer Edwards. The Commission also has instituted public administrative proceedings pursuant to Sections 15(b) and 19(h) of the Securities Exchange Act of 1934 ("Exchange Act") against Kirby, Geiger, and Edward H. Price, president and part owner of Spencer Edwards. In its Order the Commission alleges that respondents Kirby, Geiger, and Peeper violated the registration provisions of the federal securities laws, and that Price failed to supervise Kirby and Geiger with a view towards preventing those violations.

The Order alleges, among other things, that Kirby, Geiger, and Peeper sold stock of Golden Eagle International, Inc., to the public when no registration statement was filed or in effect pursuant to the Securities Act. The violations allegedly occurred in June 1995 as to Kirby and January through August 1996 as to Geiger and Peeper.

A hearing will be scheduled to determine whether the allegations are true and, if so, what sanctions, if any, are appropriate and in the public interest, whether a cease-and-desist order should be issued, and whether disgorgement and civil penalties are appropriate. (Rel.)